Tigard Oregon Real Estate and more: How much should I offer on this property?

This is a question I get asked from almost every first time home buyer and even some experienced buyers. But, the question I ask in reply is, “How much do you want the home?” 

It is a matter of risk vs how long the home has been on the market.

You see, when you are looking for a home and you see the listing price, that is the price the home owner would like to get without having to pay any closing costs for the buyer or to do any repairs, but they usually are expecting those things.

But, when a home just comes on the market and you ask this question, then be prepared not to get the home. You see, if a home is a good deal already and is in good condition, then they will more than likely get a full price offer within 24-72 hours and aren’t going to accept less than asking price. 

I have seen many buyers lose their dream home because they saw the listing price as a starting point, even on the first day on the market, and then they are shocked when someone outbids them. One thing I have found is the day you find a home that you really want, there is usually someone else who has been looking longer and has already discovered that if they want the home they had better not play around on price too much.

I have no problem with buyers negotiating a slightly lower price for themselves, but asking for $35,000 less than asking price on day one can be a sure way to not get the home you want. My best suggestion is negotiate for repairs and upgrades that come up on the inspection rather than negotiate the price immediately.

If you own a $40,000 car and want to sell it used, would you accept $30,000 for it? More than likely not, so why would a home seller? Now, with short sales, there is a little different mind set with most buyers. They see the bank as the one taking the loss, so they feel they can offer lower than asking price by any amount they want. But, take in to consideration that the price usually already reflects the reduction in price because it is a short sale. 

Do your homework. Don’t offer more than the home is worth, but also don’t offer your way right out of your dream home. I would love to help you buy your dream home today, so give me a call or drop me an e-mail.